2 so THE MARITIME CANAL OF SUEZ, 



Lake Timsah, amid general rejoicing. Upon the following day, the 

 19th, the whole of the Imperial squadron of steamers, yachts, and 

 vessels of various nations, proceeded on the next stage of their 

 passage, and at night anchored at the Bitter Lakes, and, next 

 morning, steamed onwards to Port Suez, which they reached at ii.o 

 of the 20th: The Official Journal, at Paris, thus refers to this 

 successful achievement : — 



' ' The Canal has been traversed from end to end, without hindrance, and the 

 Imperial yacht Aigle, after a splendid passage, now lies at her moorings in the 

 Red Sea. Thus are realised the great hopes which were entertained of this 

 great undertaking, the joining of the two Seas." 



THE FINANCIAL POSITION OF THE CANAL. 



Soon after the opening of the Canal, it was rumoured, that the 

 Directors of the Company were embarrassed from want of funds, 

 and serious misgivings arose, lest such might imperil the credit and 

 the success of the enterprise. It is desirable, therefore, that we 

 should here refer to the financial history of the Company. 



As previously stated, the Capital subscribed in November, 

 1858,10 the " Compagnie Universelle " was ^^8,000,000, equal to 

 200,000,000 francs, divisible into 400,000 shares of ;^2o, equal to 

 500 francs per share. This Capital of ;£'8,ooo,ooo carried the 

 Company smoothly along up to 1867, to meet the necessary outlay 

 in the construction of the Canal ; and, in that year, having exhausted 

 the funds at their disposal, the Directors determined to increase 

 the Capital account by an addition of ^^4,000,000, equal to 

 100,000,000 francs. This loan was practically a first mortgage on 

 the revenue of the Company, guaranteed in Bonds of the deno- 

 mination of ;^i2, equal to 300 francs per Bond, carrying interest 

 at i2|per cent., and the Bonds were repayable at the expiration 

 of a period of 50 years, at the price of redemption at ;^2o per 

 Bond. 



The amount subscribed to this loan, notwithstanding that the 

 interest and redemption were placed on the most favourable terms, 

 amounted to less than one-half of the total amount asked for, viz., 

 ;^i, 143,687. In this dilemma, the Directors appealed to the 

 French Government to enable them to obtain the unsubscribed 

 capital, and, it is not to be wondered at, considering the deep 



